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Pirmal pushes Rs.1,800-cr in realty project

In a recent development, Piramal Fund Management, the financial services arm of Piramal Group, has decided to extend a fresh loan of about Rs.1,800 crore to Mumbai-based Lodha Developers, builder of premium residential projects, said an industry insider. The funding suggests a revival in demand for real estate after demonetization, the country’s currency note swap program that was seen as a dampener for the sector that accounted for a high proportion of cash deals. The group confirmed the deal saying that Lodha was a long-term client and talks are in an advanced stage with pending finer legalities as both the parties were busy finalizing the details including repayment terms and tenors of the credit, he added that to maintain a strong relationship with lenders from time to time, increase or lower our facilities based on business needs and stated objective to lower cost of funds and increase tenure.